According to statistics from the Australian Institute of Petroleum, national average petrol prices are down by 1.4 cents per litre and are predicted to drop a further one to two cents this week. CommSec is encouraging motorists to take advantage of the dipped prices before the weekend though as prices are likely to rise again.
CommSec is expecting the average price of fuel to rise after this week and is urging motorists to fill up before the weekend as prices could ramp back up. Economist Savanth Sebastian told the ABC oil prices were on the rise, but it may take some time to trickle down to Australian fuel stations, with the national average currently sitting at around $1.40 per litre:
"Over the mid-term I think you have seen that the global oil price has started to rebound - there has been a very surprising lead in the US oil inventories last week, with oil inventories falling by five million barrels, and that's seen the global oil price start to rise."It will take some time to filter through, but I guess the bottom line is that motorists should be filling up this week."
He says prices are likely rise from the current levels in the near future, especially with low US oil inventories.
"The uncertainty on a global front has taken a backwards step, we are returning to a period of norm and calm that's seen the oil price start to rise once again, and more fundamental factors will decide the fate of petrol prices going forward."It does mean in the medium-term that petrol prices are more than likely to rise from current levels."